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Sheppard Mullin Richter & Hampton LLP

DFPI Orders Mortgage Lender to Pay $2.3 Million for Per Diem Interest Overcharges

On August 18, the California Department of Financial Protection and Innovation (DFPI) announced a $2.3 million settlement with a former mortgage lender and servicer for alleged violations of the California Residential...more

A&O Shearman

UK FCA to consult on motor finance consumer redress scheme

A&O Shearman on

The UK Financial Conduct Authority (FCA) has issued a statement alongside a press release confirming its intention to consult on a motor finance redress scheme for consumers affected by unfair commission arrangements. This...more

McGlinchey Stafford

Court Finds No TILA Violation for Not Providing TILA Disclosures During Pre-Approval Process

McGlinchey Stafford on

In a recent case, the United States District Court for the District of Connecticut granted a motion to dismiss, finding that the Defendant had no obligation to provide disclosures under the Truth in Lending Act (TILA) during...more

Sheppard Mullin Richter & Hampton LLP

Ohio AG Sues Mortgage Lender for Illegal Broker Steering Scheme

On April 17, Ohio Attorney General Dave Yost announced that the state has filed a lawsuit against a wholesale mortgage lender, alleging that the company engaged in a statewide scheme to mislead borrowers and inflate mortgage...more

Bradley Arant Boult Cummings LLP

Litigation Risk for Mortgage Lenders with a Less Active CFPB

With the recent developments at the Consumer Financial Protection Bureau (CFPB), many mortgage lenders have been left wondering about the extent to which the CFPB will enforce federal laws governing the mortgage lending...more

Sheppard Mullin Richter & Hampton LLP

CFPB Bans Debt Collection Agency Over Student Loan Abuses

On December 9, the CFPB entered into a consent order with a debt collection agency for alleged unlawful student loan debt collection practices against defaulted borrowers. The debt collection agency’s allegedly improper...more

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Action Against Owners of Small Dollar Lender for Hiding Money to Avoid Penalties

On June 17, the Consumer Financial Protection Bureau filed an order to resolve its 2023 lawsuit against the former CEO of a short-term small dollar lender and his spouse, in connection with a series of fraudulent transfers...more

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Fintech for Deceptive Practices Surrounding Tipping Service

On May 17, the CFPB filed a lawsuit against a California-based fintech that operates a nationwide website and mobile-application based peer-to-peer lending platform through which consumers can obtain small-dollar, short-term...more

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